MIRA INFORM REPORT

Report No. :	305653
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	VISHWAKARMA REFRATORIES PRIVATE LIMITED

Registered Office :	“Bhuwalka Land Mark”, No.5, Walker Lane (Langford Road), Richmond Town, Bangalore – 560025, Karnataka

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.07.1982

Com. Reg. No.:	08-004851

Capital Investment / Paid-up Capital :	Rs. 4.824 Millions

CIN No.: [Company Identification No.]	U27320KA1982PTC004851

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of refractories.

No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 300000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established private limited liability company having satisfactory track record. Trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	January 2014

Rating Agency Name	ICRA
Rating	Cash Credit = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	January 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	“Bhuwalka Land Mark”, No.5, Walker Lane (Langford Road), Richmond Town, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-22100900
Fax No.:	Not Available
E-Mail :	bpg@bhuwalka.co.in

Factory :	Plot No. 6-6A & 7.Tamaka Industrial Area, Karnataka, Bangalore, India

DIRECTORS

AS ON 13.08.2014

Name :

Mr. Kishan Kumar Bhuwalka

Designation :

Director

Address :

No. 214, Double Road, 12^th Main, HAL, 2^nd stage, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

25.08.1964

Date of Appointment :

04.04.1995

DIN No.:

00170902

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1980PTC003926	DECCAN ALLOYS PRIVATE LIMITED	Director	08/09/1993	08/09/1993	-	Active	NO
2	U27320KA1982PTC004851	VISHWAKARMA REFRACTORIES PRIVATE LIMITED	Director	04/04/1995	04/04/1995	-	Active	NO
3	U51909KA2004PTC034574	BHUWALKA & SONS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
4	U27106KA2004PTC034573	BHUWALKA ALLOYS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
5	U27106KA2004PTC034572	BHUWALKA CASTINGS AND FORGING PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
6	U05190KA2005PTC035933	VISHWAKARMA INTERNATIONAL PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
7	U27109KA1992PTC066284	MEENAKSHI BRIGHT STEEL BARS PRIVATE LIMITED	Director	22/06/2011	01/06/2011	-	Active	NO

Name :

Mr. Sajan Kumar Bhuwalka

Designation :

Director

Address :

2979, 12^th Main, 5^th Cross, Hal 2^nd Stage, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

30.09.1953

Date of Appointment :

04.04.1995

DIN No.:

00153203

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1980PTC003926	DECCAN ALLOYS PRIVATE LIMITED	Director	09/09/1992	09/09/1992	-	Active	NO
2	U27320KA1982PTC004851	VISHWAKARMA REFRACTORIES PRIVATE LIMITED	Director	04/04/1995	04/04/1995	-	Active	NO
3	U51909KA2004PTC034574	BHUWALKA & SONS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
4	U27106KA2004PTC034573	BHUWALKA ALLOYS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
5	U27106KA2004PTC034572	BHUWALKA CASTINGS AND FORGING PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
6	U05190KA2005PTC035933	VISHWAKARMA INTERNATIONAL PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
7	U27109KA1992PTC066284	MEENAKSHI BRIGHT STEEL BARS PRIVATE LIMITED	Director	22/06/2011	01/06/2011	-	Active	NO

Name :

Mr. Kamal Kumar Bhuwalka

Designation :

Director

Address :

No.214, Double Road, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

28.06.1962

Date of Appointment :

15.12.1990

DIN No.:

00727863

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320KA1982PTC004851	VISHWAKARMA REFRACTORIES PRIVATE LIMITED	Director	15/12/1990	15/12/1990	-	Active	NO
2	U51909KA2004PTC034574	BHUWALKA & SONS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
3	U27106KA2004PTC034573	BHUWALKA ALLOYS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
4	U27106KA2004PTC034572	BHUWALKA CASTINGS AND FORGING PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
5	U05190KA2004PTC034914	GOA ORCHIDS PRIVATE LIMITED	Director	25/10/2004	25/10/2004	-	Active	NO
6	U05190KA2005PTC035933	VISHWAKARMA INTERNATIONAL PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
7	U27109KA1992PTC066284	MEENAKSHI BRIGHT STEEL BARS PRIVATE LIMITED	Director	30/09/2011	07/09/2011	-	Active	NO
8	AAB-9080	BHUWALKA TECHNOLOGIES LLP	Designated Partner	05/12/2013	05/12/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.08.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Kamal Kumar Bhuwalka	29016	60.15
Mrs. Anjali Bhuwalka	19224	39.85
Total	48240	100.00

AS ON 13.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of refractories.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Not Available

Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

250 (Approximately)

Bankers :

· Axis Bank Limited, Corporate Banking Branch, Express Building, 2^nd Floor, No.1, Queen’s Road, Bangalore – 560001, Karnataka, India

· Vijaya Bank, Corporate Banking Branch, 41/2, M G Road, Bangalore – 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Axis Bank (Secured by Equitable mortgage of immovable property and hypothecation of fixed assets of the company. In addition of the loan is personally guaranteed by the directors)	8.048	14.348
SHORT TERM BORROWINGS
Loan repayable on demand - Axis Bank (Secured by first charge on current assets and second charge on all the Fixed assets of the company. In addition of these loans are personally guaranteed by the directors.)	129.535	127.756
Term loan from Vijaya Bank – Car (Secured by hypothecation of vehicle)	0.000	0.212
Term loan from ICICI Bank - Car (Secured by hypothecation of vehicle)	0.067	0.000
Total	137.650	142.316


Auditors :
Name :	Hariharan and Associates Chartered Accountants
Address :	301/B, HVS Courts, 21, Cunningham Road, Bangalore – 560052, Karnataka, India
PAN No.:	AAFPH8966F

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 13.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48240	Equity Shares	Rs. 100/- each	Rs. 4.824 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.824	4.824	4.824
(b) Reserves & Surplus	117.115	111.577	97.430
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	121.939	116.401	102.254

(3) Non-Current Liabilities
(a) long-term borrowings	8.048	14.348	23.648
(b) Deferred tax liabilities (Net)	13.517	17.111	20.541
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.565	31.459	44.189

(4) Current Liabilities
(a) Short term borrowings	129.602	127.968	111.343
(b) Trade payables	36.994	29.542	9.962
(c) Other current liabilities	9.925	5.597	4.586
(d) Short-term provisions	16.098	13.440	14.650
Total Current Liabilities (4)	192.619	176.547	140.541

TOTAL	336.123	324.407	286.984

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.632	93.079	99.236
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.119	0.119	0.119
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.751	93.198	99.355

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	152.589	114.268	113.971
(c) Trade receivables	73.365	98.061	52.828
(d) Cash and cash equivalents	1.096	0.989	1.015
(e) Short-term loans and advances	18.201	15.955	18.169
(f) Other current assets	2.121	1.936	1.646
Total Current Assets	247.372	231.209	187.629

TOTAL	336.123	324.407	286.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME (A)	341.678	385.949	260.768

Less	EXPENSES
		TOTAL (B)	305.740	338.772	219.520

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.938	47.177	41.248

Less	INTEREST (D)		19.534	17.830	17.744

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.404	29.347	23.504

Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.067	7.904	7.743

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.337	21.443	15.761

Less	TAX (H)		2.798	7.296	5.074

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.539	14.147	10.687

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	31.902	36.145	10.953
	TOTAL EARNINGS		31.902	36.145	10.953

	Earnings / (Loss) Per Share (Rs.)		114.82	293.26	221.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	1.62	3.67	4.09

Operating Profit Margin (PBDIT/Sales)	(%)	10.52	12.22	15.82

Return on Total Assets (PBT/Total Assets}	(%)	2.48	6.61	5.49

Return on Investment (ROI) (PBT/Networth)		0.07	0.18	0.15

Debt Equity Ratio (Total Debt/Networth)		1.13	1.22	1.32

Current Ratio (Current Asset/Current Liability)		1.28	1.31	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.824	4.824	4.824
Reserves & Surplus	97.430	111.577	117.115
Net worth	102.254	116.401	121.939

long-term borrowings	23.648	14.348	8.048
Short term borrowings	111.343	127.968	129.602
Total borrowings	134.991	142.316	137.650
Debt/Equity ratio	1.320	1.223	1.129

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	260.768	385.949	341.678
		48.005	(11.471)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	260.768	385.949	341.678
Profit	10.687	14.147	5.539
	4.10%	3.67%	1.62%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------------
26]	Buyer visit details	------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

10129013

28/08/2014 *

180,000,000.00

Axis Bank Limited

Corporate Banking Branch, Express Building, 2nd
Floor, NO.1, Queen's Road, Bangalore,

Karnataka - 560001,

INDIA

C19753474

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixture

· Office Equipments

· Vehicles

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.75
UK Pound	1	Rs. 93.13
Euro	1	Rs. 70.03

INFORMATION DETAILS

Analysis Done by :	SUC

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.